\PR JOINT OWNERSHIP FORM

Our Ref:
Joint ow nership of your propert y
When a property is purchased jointly by more than one purchaser, the law treats the property as being held on trust for themselves
(unless they express by deed that the property or a share is on trust for another/others). Usually if one of the buyers wishes to sell the
property then it must be sold and the proceeds divided. Please consider the options below, contemplating for example what you would
wish to happen on the death of one party; also what you would wish to happen in the event of separation or a relationship breakdown in
deciding how you wish to own the property together. Then confirm your choice by ticking one box at the foot of the page and providing
your instructions on shares if you have ticked option 3.
1. J o i n t t e n a n t s
2. Te n a n t s i n c o m m o n
If joint purchasers buy a property as joint tenants then they are
When joint purchasers buy as tenants in common they take distinct
deemed to hold the equivalent financial value jointly without an
fixed shares in the equivalent value of the property, which are
interest in a particular share (similar to a joint bank account). Their
assumed to be equal unless the joint purchasers express unequal
entitlements in any sale proceeds are treated as being equal.
entitlements by deed, for example to reflect their contributions to
Upon the death of either party the property will automatically vest
the purchase price.
in the survivor. There is no share capable of being left in a Will.
Upon the death of one joint owner, the survivor would retain their
The survivor would be able to deal with the property in whatever
own share in the property whilst the share of the deceased would
way he or she chooses.
pass according to their Will, or if no Will, to their next of kin under
Purchasers buying a property by this method should consider
the Intestacy Rules. Unless the survivor is left the share of the
making Wills in order to set out what would happen to the property
deceased by Will, the survivor would not become the owner of the
in the event of the death of both of them.
whole property.
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There are certain circumstances where further thought may need to be given to your choice of joint ownership which you may wish to
discuss with us where it would fall to your responsibility to raise with us, including (but not limited to) where:
Your contributions to the purchase are in substantially unequal proportions, where for example one party may wish to seek return
of their greater proportion before the balance of proceeds are further divided.


At least one of you has children from a previous relationship who might reasonably expect to inherit on your death, or
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The value of the property together with your assets is such that inheritance tax estate planning is necessary.
A Joint Tenancy can be severed at a later date by either co-owner which will have the effect of converting the joint ownership to a
Tenancy in Common in equal shares. A Tenancy in common can be converted to a Joint Tenancy at a later date only by written
agreement of all joint owners.
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We will be pleased to discuss with you the two options and both the advisability and cost of making Wills.
Having considered the above please complete the following with your choice of joint ownership (all joint buyers must sign)
1. Joint Tenants
Option 3 only. Use this box to confirm your instructions.
2. Tenants in common in equal shares
3. Tenants in common in the following shares
Signed
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Dated
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Signed
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Dated
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SHPD 079